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Abstract

hing summer after a cold hard winter. There were 5 brokers that had chosen the night to spend cold calling. All seemed to be diligently working on their 20.All of a sudden OUR phone bank started ringing off the hook. Usually calls only go out not come in. The firm has an unlisted number on which to do our cold calling.Is there such a thing as a reverse cold call?Could it be someone whose dinner one of our brokers interrupted and we were reported harassing the family to the Pennsylvania Securities Commission (the commission had our unlisted number)?Could it be someone’s husband AND boy friend with menace in mind?The reason for the calls turned out to be none of those unattractive but more conventional possibilities.After answering a few of the rings into the firm it was ascertained that a DJ on Hot Hits 89.1, Philadelphia’s most popular radio station, had mistakenly given our number out on air as the number to dial for a contest. For that dubious distinction of being the 89th caller to the number announced the station would award 2 tickets to the Hall & Oats concert on Saturday night.Apparently the station’s prize line was one digit off our cold calling unlisted number. The jock, in his hyped up haze had mistakenly announce the latter.There’s only 1, 89th caller but we must have fielded 1000+ calls that night.Some of the more serious account executives were getting pissed, not able to approach their 20 call quota because of the busy lines.Walking by Bob H’s desk I heard an enthusiastic Bob say, “Why yes, I’m with Hot Hits 89.1!”“Congratulations, you’re the 89th caller — YOU’RE THE HOT HITS WINNER!” Bob in the excited voice of a radio DJ

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who had discovered a long lost relative’s will with a previously unknown bequest of a million dollars to whomever was the caller.“Be over in the lobby of the IVB building at 9:15 tonight’’ he said in an authoritative voice.“You’ll be met by a Hot Hits Ambassador to pick up your tickets for — HALL & OATS; Philly’s own.Stopped me in my tracks!“Bob,” I questioned, “What was that about?”“Oh, I got tired of answering the phone,” he explained,”Besides, she sounded bootylicious!”Seriously, that’s what he said.His plan apparently was to meet her in the lobby and if she passed his careful screening he’d offer to take her to the concert on Saturday and he’d pay for her ticket.Oh God! I can’t see anything good coming from this.“Great, Bob,” always the one to bolster the old ego that’s so needed in this business! If you don’t think you can do it; who will?The following morning Bob came into the office a little late. He walked on by me, head turned to discourage conversation.Office legend has it; Bob, did meet the woman in the lobby of our building that night. She turned out to be as hot as the hits they played on 89.1.Hot in ways Bob hadn’t counted on.Bob didn’t get the reaction he’d expected when he became fully disclosed in that dark lobby and told her he wasn’t employed by the station but offered to take her to the concert anyway.He thought the pepper spray was extreme.Brooks felt the whole experience could be helpful in making Bob a better wealth manager. A lesson in healthy humility — slow to judge others but quick to correct oneself.</article></body>

The Night The Phones Wouldn’t Stop Ringing

The reason for the calls turned out to be none of those unattractive but more conventional possibilities

No matter how much money our little wealth management firm made, my partner Brooks felt that our account executives shouldn’t forget their humble beginnings.

In a fit of creative marketing madness he got me to agree to mandate our brokers to put in 2 nights a week cold calling from one of the various lists that we purchased giving the phone number of qualified potential investors.

Brooks would stay in the office to monitor the 7:00 to 9:00 PM sessions for compliance Monday and Wednesday. I would observe Tuesday and Thursday. Account Executives could come in any 2 of the 4 days available. Friday and weekends evenings belonged to them.

This new policy was not met with enthusiasm by the 10 young recently minted brokers our relatively new wealth management firm was training as our sales force.

My Tuesday — Thursday experience was, in large part uneventful this evening about 2 months in. The rookie brokers were attempting their 20 some cold calls. Connections accomplished in between reports depicting idiosyncratic phone calls just made.The trainees were probably averaging 1 or at best 2 future appointments apiece a night. Some nights went by without any.

Hard work with little results but character building according to Brooks. Everyone will be better off in the long run.

It was a Tuesday night in the middle of May. The air was warming up for the scorching summer after a cold hard winter. There were 5 brokers that had chosen the night to spend cold calling. All seemed to be diligently working on their 20.

All of a sudden OUR phone bank started ringing off the hook. Usually calls only go out not come in. The firm has an unlisted number on which to do our cold calling.

Is there such a thing as a reverse cold call?

Could it be someone whose dinner one of our brokers interrupted and we were reported harassing the family to the Pennsylvania Securities Commission (the commission had our unlisted number)?

Could it be someone’s husband AND boy friend with menace in mind?

The reason for the calls turned out to be none of those unattractive but more conventional possibilities.

After answering a few of the rings into the firm it was ascertained that a DJ on Hot Hits 89.1, Philadelphia’s most popular radio station, had mistakenly given our number out on air as the number to dial for a contest. For that dubious distinction of being the 89th caller to the number announced the station would award 2 tickets to the Hall & Oats concert on Saturday night.

Apparently the station’s prize line was one digit off our cold calling unlisted number. The jock, in his hyped up haze had mistakenly announce the latter.

There’s only 1, 89th caller but we must have fielded 1000+ calls that night.

Some of the more serious account executives were getting pissed, not able to approach their 20 call quota because of the busy lines.

Walking by Bob H’s desk I heard an enthusiastic Bob say, “Why yes, I’m with Hot Hits 89.1!”

“Congratulations, you’re the 89th caller — YOU’RE THE HOT HITS WINNER!” Bob in the excited voice of a radio DJ who had discovered a long lost relative’s will with a previously unknown bequest of a million dollars to whomever was the caller.

“Be over in the lobby of the IVB building at 9:15 tonight’’ he said in an authoritative voice.

“You’ll be met by a Hot Hits Ambassador to pick up your tickets for — HALL & OATS; Philly’s own.

Stopped me in my tracks!

“Bob,” I questioned, “What was that about?”

“Oh, I got tired of answering the phone,” he explained,”Besides, she sounded bootylicious!”

Seriously, that’s what he said.

His plan apparently was to meet her in the lobby and if she passed his careful screening he’d offer to take her to the concert on Saturday and he’d pay for her ticket.

Oh God! I can’t see anything good coming from this.

“Great, Bob,” always the one to bolster the old ego that’s so needed in this business! If you don’t think you can do it; who will?

The following morning Bob came into the office a little late. He walked on by me, head turned to discourage conversation.

Office legend has it; Bob, did meet the woman in the lobby of our building that night. She turned out to be as hot as the hits they played on 89.1.

Hot in ways Bob hadn’t counted on.

Bob didn’t get the reaction he’d expected when he became fully disclosed in that dark lobby and told her he wasn’t employed by the station but offered to take her to the concert anyway.

He thought the pepper spray was extreme.

Brooks felt the whole experience could be helpful in making Bob a better wealth manager. A lesson in healthy humility — slow to judge others but quick to correct oneself.